Good morning, friends. We kick off the last week of October with a brisk issue, led by HSBC’s next moves as it reviews its retail business in Egypt and BMI upgrading our growth forecast. We also have plenty to look forward to when the week draws to a close, with the Grand Egyptian Museum’s official inauguration taking place next Saturday.

PSA-

The countdown to GEM’s official opening has officially begun, with the long-anticipated opening event festivities for the world’s largest archaeological museum kicking off in six days. To ensure smooth operations, Prime Minister Moustafa Madbouly announced the day — Saturday, 1 November — a paid day off for public sector workers.

Who will be in attendance? While we’re yet to see a list of which world leaders will be in town to attend the event, a cabinet statement says “a large number of kings and heads of states” are expected to attend.

REMEMBER- The government delayed the opening of the museum following Israel striking Iran mid-June, pushing the grand opening from 3 July to the last quarter of the year. The museum is expected to attract up to 5 mn visitors a year and provide a boost to a sector that employs around 10% of Egypt’s workforce.

WEATHER- It’s another sunny day in Cairo, with a high of 30°C and a low of 19°C, according to our favorite weather app.

It’s more or less the same in Alexandria, with a high of 27°C and a low of 19°C.

WATCH THIS SPACE-

#1- Egypt is eyeing itself as a future commercial producer of rare earth minerals, with a plan underway to establish an integrated industrial complex for the extraction of rare earth elements, according to a statement from the Electricity Ministry. The state wants to exploit the presence of rare earth minerals in earth ores that are already mined, but not fully utilized. Due to the presence of rare earth elements within existing phosphate deposits, the facility will also produce organic fertilizers.

SOUND SMART- Despite the misleading name, rare earth minerals aren’t actually that rare, with the rarest of the 17 elements falling under the label being at least a hundred times more prevalent than gold. What gives them the label is the fact that they are usually so dispersed that mining is not economically viable and the process of refining them into usable materials is incredibly difficult and costly.

#2- Saudi renewables giant Acwa Power is planning to manufacture water desalination components and establish desalination plants in partnership with the government, CEO Marco Arcelli said during a meeting with Prime Minister Moustafa Madbouly.

Madbouly asked for the final proposal to be presented to him “within the coming weeks” and emphasized that “localizing this industry is what matters to us now, and it is a prerequisite for negotiations with companies seeking to build desalination plants in Egypt.”

#3- Juhayna shareholders’ move to disqualify Qatar’s Baladna from running for the board was shot down by the Financial Regulatory Authority, citing the second-largest shareholder’s legal right to representation despite running a company in a similar business, according to a statement (pdf) from the authority. Shareholders had previously voted to ban candidates from companies understood to be in competition with Juhayana from ascending to the board.

REMEMBER- The Qatari company has been increasing its stake in Egyptian dairy giant Juhayna over the last few years and is now its second-largest shareholder with 16.3% of the company. Baladna first bought into the company in July 2021, after which it raised its stake to 5% in March 2022 and to 10% two months later.

DATA POINT-

Remittances rose 32.6% y-o-y to USD 3.5 bn in August, continuing their post-EGP-float momentum with 18 consecutive months of y-o-y remittance growth, according to a statement (pdf) from the Central Bank of Egypt. Over the first eight months of 2025, remittances went up 47.2% y-o-y to a record USD 26.6 bn.

It’s not just the post-float collapse of the parallel market driving remittances, but rising inflation also. Many Egyptians abroad have continued to increase the amount they send to their families at home to meet the rising cost of living for Egyptian households, one analyst told EnterpriseAM. Despite the welcome news that inflation is now at its slowest pace since March 2022, prices are still rising.

On a monthly basis, remittances were down 8% — but don’t fret. Month-on-month comparisons are subject to numerous factors, so slight dips between months are “perfectly normal,” HC Securities’ Heba Mounir told us.

Total remittances for the year should hit USD 38 bn, up from USD 36.5 bn the previous fiscal year, Al Ahly Pharos’ Hany Genena told EnterpriseAM.

CIRCLE YOUR CALENDAR-

Fresh industrial land plots up for grabs: The Industry Ministry is offering 1,128 industrial land plots across 16 governorates through the Made in Egypt platform, according to a statement from the ministry. The plots — ranging from 190k-500k sqm — are designated for projects in the food, engineering, chemical, pharma, textile, and building materials sectors. Investors have between 29 October and 6 November to apply.

The details: Applicants can apply for two plots — their first choice and their second choice. Priority will be given to applicants from previous rounds whose technical and financial studies were approved but who did not secure land — provided they did not refund their booking deposit. The plots are available under ownership or usufruct systems.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

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THE BIG STORY ABROAD-

Trump announces higher tariffs on Canadians goods: US President Donald Trump announced a 10% increase in tariffs on Canada — imports from the country are currently subject to a baseline 35% tariff — in response to a television ad sponsored by Canada’s Ontario province, featuring former Republican US president Ronald Reagan criticizing tariffs as harmful to the economy. “Their Advertisement was to be taken down, IMMEDIATELY, but they let it run last night during the World Series, knowing that it was a FRAUD,” Trump said in a post on Truth Social. A day earlier, the US president had ended all trade negotiations with Canada because of the ad, which he referred to as “fraud” and “hostile”.(Reuters | AP | WSJ | NYT | Bloomberg | The Guardian)

ALSO IN THE US- Former US Vice President Kamala Harris may run for president once again, telling the BBC that a woman will likely become president in the coming years — “possibly” her. She added that she hadn’t decided yet whether to run for the 2028 presidential elections, but told the Associated Press a week earlier that running again in 2028 is “still on the table.”

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